2024-03-14 11:01:55
Oil market conditions: WTI oil closed up $2.16 in response to lower US crude oil stocks.
InfoQuest – West Texas crude oil (WTI) contracts in New York closed up nearly 3% on Wednesday (March 13) following the United States revealed that crude oil and gasoline stocks decreased last week. This indicates that demand for U.S. oil remains strong. Oil prices were also supported by expectations that market supplies would be affected by Ukraine’s attacks on Russian refineries.
The WTI crude oil contract is for delivery in April. Increased 2.16 or 2.8% to close at 79.72 dollars/barrel.
Brent crude oil contract (BRENT) for delivery in May. rose $2.11 or 2.6% to close at $84.03/barrel. This is the highest level since 6 Nov. 2023.
Crude oil prices surge After the US Energy Information Administration (EIA) revealed that US crude oil stocks decreased by 1.5 million barrels last week. Contrary to analysts’ expectations for an increase of 900,000 barrels, gasoline stocks decreased by 5.6 million barrels, more than analysts expected to drop by just 1.9 million barrels.
In addition, EIA also revealed that Crude stocks at Cushing, Oklahoma, where U.S. crude futures are delivered, fell 220,000 barrels.
However, refined oil stocks This includes heating oil and diesel fuel, which rose 888,000 barrels last week. Contrary to analysts’ expectations for a drop of 150,000 barrels.
Oil prices were also supported by news reports that Ukraine sent drones to attack Rosneft’s oil refinery in Russia yesterday. The factory is located in the Ryazan region. southeast of Moscow and has an oil production capacity of 17.1 million tons per year.
Investors continue to monitor the tense situation between Russia and Ukraine’s allies. Most recently, Russian President Vladimir Putin said that Russia is technically ready for nuclear war. And Russia is ready to test a nuclear bomb. If the United States takes action first
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